First Mutual Properties Limited shareholders have unanimously approved resolutions to delist the company from the Zimbabwe Stock Exchange voluntarily and to proceed with a buyout offer to minority shareholders.
In a notice to shareholders dated 3 June 2026, Company Secretary Dulcie Kandwe confirmed that all resolutions tabled at the Extraordinary General Meeting held at 10:00 hours on Tuesday, 2 June 2026, were passed with 100% of votes in favour.
The approved resolutions cover four key actions. The voluntary termination of the listing of First Mutual Properties’ ordinary shares from the ZSE Main Board, in line with section 11 of the ZSE Listings Requirements, authorisation for First Mutual Holdings Limited and/or the Underwriter to acquire shares held by minority shareholders at US$0.033 per ordinary share, payable in United States Dollars. The terms are set out in the circular to shareholders, Articles of Association Amendment: Amendments to remove all references to the Zimbabwe Stock Exchange from the company’s Articles of Association, specifically Articles 3(3), 28(8), 41(2), 43(2), 43(3), 43(8), 70(4), 80(6)(d) and 82(2) and authorisation for the directors to take all necessary steps to implement the above resolutions.
First Mutual Properties was incorporated in Zimbabwe on 19 March 2003 under Company Registration Number 5016/2003. The company is based at First Mutual Park, 100 Liberation Legacy Way, Borrowdale, Harare.
The outcome clears the way for First Mutual Properties to exit the ZSE and for First Mutual Holdings to consolidate its shareholding through its US$ 0.033-per-share offer to minorities.
